North Carolina Down Payment Assistance Programs

Online Merchant account - These programs are the Down Payment Assistance Program along with the Mortgage Credit Certificate.

You purchase a property between January 1, 2009 and December 1, 2009 and if you meet the requirements for one of those programs, you can even qualify for the $8,000 tax credit just enacted into law.

First, who is a first-time Home Buyer? There is a first-time Home Buyer someone who hasn't owned a house in the prior three years. This is precisely the same qualifying definition for the $8,000 tax credit.

What is a Mortgage Credit Certificate and Who Qualifies?

All home owners can claim an itemized deduction for mortgage interest.

You can claim 20% of the interest you pay on your mortgage as a credit on your federal income taxes in case you qualify for the MCC. It's possible for you to save around .

Should you qualify for the MCC you will find a way to unite this. This would reduce a buyer's tax liability .

Household income means the “gross income of the mortgagor and any man expected to reside in the residence who is 18 years of age or older.”

The income and house price limitations that apply in Orange, Durham and Chatham Counties are given below.

MCC Income Limits 1 Person $61,500 2 Persons $61,500 3 Men $70,500 4 Individuals $70,500

MCC Sales Price Limitations New House $220,000 Existing House $210,000

Home buyers that want help with their deposit and closing costs might be able to get down payment assistance - or, to put it differently, interest-free, deferred second mortgages up to $8,000. The customer only needs to pay $1,000 of their own funds and the load would pay around .

This program has stricter income limits than the MCC program summarized above. Like the MCC program, it might be used in conjunction with all the new $8,000 tax credit on house purchases between December 1, 2009 and January 1, 2009. The deposit assistance, however, can not be applied together with all the MCC. That is an either or situation.

The income and house price limitations that apply in Durham, Orange and Chatham Counties are listed below.

Down Payment Assistance Income Limits

1 Man $39,950 2 Individuals $45,650 3 Men $51,350 4 Men $57,050

Down Payment Assistance Sales Cost Limits New House $210,000 Existing Residence $210,000